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Ground rent doubling every 10 years
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Joanne - did this ever go any further?0
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The purchase price should definitely be discounted as ground rent will affect saleability. Discount should reflect cost of buying out the ground rent by statutory lease extension plus costs plus uncertainty of having to wait 2 years to qualify etc... Don't buy this or any other flat subject to unusual ground rent provisions without taking specialist valuation advice.0
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Hi all,
I actually bought two of these flats back in 2012 on BTL mortgages as they seemed like a good bargain at 75k.
Neither my solicitor (same person for both) or BTL mortgage valuation (two different banks) picked up on the doubling ground rent clause - nor did I. :mad:
As two years are now up, I am looking into the option of buying the freehold rights. I was googling "ground rent doubles every 10 years" and came across this forum in the results and then was surprised to discover Joanne was referencing the exact same block of flats in Great Sankey, Warrington where my two flats are.
I was wondering if you bought the flat you were after Joanne and if you managed to work out a deal with the lease terms?
Many thanks,
Luke0
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